Gulf Navigation forms JV with Polimar Turkish
Dubai-listed Gulf Navigation Holding has announced a partnership with Polimar Turkish Holding to grow its fleet and increase its global reach. Under the agreement, Gulf Navigation said it would be able to serve customers in major trading ports worldwide.
The Gulf Navigation fleet is expected to grow from four service boats to 10 crews, tugs and offshore support vessels with a value of US$3 million per vessel as part of the deal. The revenue from the partnership is expected to be about $27m a year, according to Gulf Navigation.
The expected revenue from the partnership will be around $27m and the joint venture will be headquartered in Dubai from this month, according to the company’s release.
“The group is proud and pleased for this strategic partnership and we are confident that step will contribute significantly in the process of expanding our services and commercial business to different parts of the world and raise the level and quality of services provided to our customers and raise the value of the company and its position in the local and global market,” said Khamis Juma Buamim, board member, managing director and group CEO of Gulf Navigation.
Established in 1996, Polimar Turkish, which provides shipping services with offices in Turkey, Bulgaria and Greece, has a presence in ports in Istanbul, Tuzla, Yalova and Canakkale in Turkey, Piraeus in Greece, Dubai, Bourgas in Bulgaria, Suez in Egypt, Gibraltar and Novorossiysk in Russia.
The joint venture follows another deal with China’s Wuchang Shipbuilding Industry Group and Qingdao Beihai Shipbuilding Heavy Industry last month to expand operations in the UAE’s northern emirates.